Rosneft adds to Russian assets

OIL FIRM Rosneft is acquiring Enel’s indirect stake in Russian gas producer SeverEnergia, valued at $1.8bn (£1.1bn), in its latest move to boost its presence in the gas market.

State-owned Rosneft, the world’s top listed crude oil producer, has been aggressively expanding its gas business with a slew of purchases, including Russian gas company Itera which it bought for $2.9bn.

Enel, Europe’s most indebted utility, has pledged to sell €6bn of assets by the end of 2014 to help beef up its balance sheet and hang on to its investment grade rating.